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Fundamental concept of economics: supply and demand

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The solution looks briefly at the core concepts of supply and demand, the laws of supply and demand, and what constitutes a market equilibrium.

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This solution reviews the laws of supply and demand, and what makes a market equilibrium

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Core definitions:
Supply: what producers of good or services are willing to provide consumers at a specific price
Demand: what consumers are willing to purchase from producers at a certain price

Supply and demand is one of the core concepts of economics. The law of demand states that when a price for a good or service rises, consumers will decrease their demand for that particular good or service (as it is ...

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